An investor watches Vietnameses stock prices. Photo by The Investor/Trong Hieu.

A number of state-owned stocks hit their daily upper limits after an extended correction period. PV Gas (GAS) rose by the maximum permitted level to VND74,600 ($2.85) per share, while Becamex IDC Corp (BCM), Petrolimex (PLX) and Vietnam Rubber Group (GVR) also hit their ceiling prices.

Other state-linked stocks also attracted strong buying interest. Binh Son Refining and Petrochemical JSC (BSR), the operator of Dung Quat oil refinery, saw more than 13.5 million shares change hands, with its share price approaching the ceiling level at VND26,400 (over $1) per share.

Shares of Bao Viet Holdings (BVH), Vinacomin - Mineral Holding Corp (KSV), EVNGENCO3 (PGV), PVOIL (OIL), Viettel Global Investment JSC (VGI), and Vinamilk (VNM) gained 4%-6%.

The positive movement among state-owned stocks came after Prime Minister Le Minh Hung issued Decision No. 40/2026/QD-TTg late on August 6, setting criteria for classifying enterprises to restructure state capital holdings in state-owned enterprises and companies with state ownership.

Under the decision, the criteria will serve as a basis for state ownership representatives to develop plans for reorganizing and restructuring state capital in enterprises, either by maintaining current ownership ratios or implementing other forms of capital restructuring in line with regulations.

Investors expect the introduction of enterprise classification criteria for the 2026-2030 period to remove bottlenecks in the restructuring and divestment of state capital at major companies, while providing a clearer legal framework for future plans involving capital increases, corporate restructuring, and resource mobilization.

At its 2026 annual general meeting, Becamex IDC Corp (HoSE: BCM) said it was awaiting new regulations on state-owned enterprise classification for the 2026-2030 period to formulate a plan to reduce state ownership.

If the company is classified as one where the state holds more than 50% of charter capital, approval authority for related matters would be transferred to the Ho Chi Minh City People's Committee, significantly shortening the time needed to complete procedures.

Three groups classified based on state ownership ratios

Under Decision 40, within 30 working days from the effective date of the regulation (August 5, 2026), state ownership representatives must develop five-year plans for restructuring state capital at enterprises under their management and submit them to the Ministry of Finance for consolidation and reporting to the Prime Minister for consideration and approval.

The regulation does not apply to military-run telecoms group Viettel and three state-owned commercial banks: BIDV, VietinBank and Vietcombank.

Under the decision, enterprises are classified into three main groups based on the proportion of state ownership.

The first group consists of enterprises in which the state holds 100% of charter capital. These operate in particularly important sectors, including the provision of essential public products and services, natural monopolies, science and technology, key national infrastructure development, high-tech applications, and other critical areas of the economy.

The second group includes enterprises in which the state holds at least 65% of charter capital. These operate in sectors such as airport management, air transportation, operation of major seaports, large-scale mineral extraction, finance and banking, mechanical engineering and certain areas related to social welfare.

The remaining group comprises enterprises where the state holds from more than 50% to less than 65% of charter capital. These include major petroleum importers with significant market shares, telecommunications service providers playing a particularly important role in national telecom infrastructure, and certain mineral exploration and prospecting activities.